
<table style="text-align:center"><tr><td colspan="7" style="border-bottom: 1px solid black"></td></tr><tr><td style="text-align:left"></td><td colspan="6"><em>Dependent variable:</em></td></tr>
<tr><td></td><td colspan="6" style="border-bottom: 1px solid black"></td></tr>
<tr><td style="text-align:left"></td><td colspan="2">Gross return (ann)</td><td colspan="2">Index return (ann)</td><td colspan="2">Non-index return (ann)</td></tr>
<tr><td style="text-align:left"></td><td>(1)</td><td>(2)</td><td>(3)</td><td>(4)</td><td>(5)</td><td>(6)</td></tr>
<tr><td colspan="7" style="border-bottom: 1px solid black"></td></tr><tr><td style="text-align:left">iBuyer.buyer</td><td>-0.032</td><td>-0.065</td><td>-0.019</td><td>-0.006</td><td>-0.013</td><td>-0.060</td></tr>
<tr><td style="text-align:left"></td><td>(0.055)</td><td>(0.136)</td><td>(0.012)</td><td>(0.021)</td><td>(0.053)</td><td>(0.132)</td></tr>
<tr><td colspan="7" style="border-bottom: 1px solid black"></td></tr><tr><td style="text-align:left">House controls</td><td>N</td><td>Y</td><td>N</td><td>Y</td><td>N</td><td>Y</td></tr>
<tr><td style="text-align:left">Zip x quarter FE</td><td>N</td><td>Y</td><td>N</td><td>Y</td><td>N</td><td>Y</td></tr>
<tr><td style="text-align:left">Observations</td><td>2,321</td><td>1,646</td><td>2,321</td><td>1,646</td><td>2,321</td><td>1,646</td></tr>
<tr><td style="text-align:left">R<sup>2</sup></td><td>0.0001</td><td>0.790</td><td>0.001</td><td>0.904</td><td>0.00003</td><td>0.791</td></tr>
<tr><td colspan="7" style="border-bottom: 1px solid black"></td></tr><tr><td style="text-align:left"><em>Note:</em></td><td colspan="6" style="text-align:right"><sup>*</sup>p<0.1; <sup>**</sup>p<0.05; <sup>***</sup>p<0.01</td></tr>
</table>
